Rates, fees & charges

Interest rates
The interest rate applicable to your mortgage will depend on the details of the deal you took out with us. Both initial and any subsequent rate(s) will be stated in your original mortgage conditions.

Interest rate changes

To see how a future interest rate rise could affect your monthly mortgage payments, use our rate rise calculator. Simply enter some basic details about your mortgage to see how your payments could be affected by a range of potential future rate rises.

If your rental income is under pressure and you are worried about making your monthly mortgage payments in the future, then you are not alone. We want to try and help, so that’s why we have introduced a Mortgage Review service for landlords. Our team of experts are at the end of the line, ready to discuss your situation, offer information and support or put you in touch with other independent organisations who could help. To review your mortgage, simply contact us and ask about this service.

Types of interest rate

There are 5 main types of interest rate that are applicable to our mortgage customers. Your mortgage Terms and Conditions will state the type of rate that applies to you.

Discounted rate

A discounted rate offers a set discount off either a Product Variable Rate (PVR) or a Standard Variable Rate (SVR) for a specific, initial term. Once the discounted rate period ends, you will then usually revert to one of the variable rates detailed below. The minimum interest rate that can be charged is 0.001%.

Fixed rate

If a fixed interest rate applies to your mortgage, it will not change until you get to the end of the agreed fixed rate term, when you will then usually revert to one of the variable rates detailed below. We will write to you to inform you of your new interest rate and payment at least 14 days before your interest rate and payment changes.

Tracker rate

A tracker rate will track at a set percentage above or below another rate for a specified term - refer to your mortgage conditions for details of the rate your mortgage will track.

Product Variable Rate (PVR)

If a PVR applies to your mortgage it will be set at a specific level above the Bank of England (BoE) base rate of interest. The level (or margin) above the BoE base rate will be stated in your mortgage conditions. Your PVR will change to follow any movements in the BoE base rate and can therefore rise or fall over time until the end of your current mortgage term.

Changes to a PVR will normally take effect from the first day of the month following any BoE rate change. We will write to you within 2 weeks of any change to the BoE base rate to inform you of any change to your monthly payment. The minimum interest rate that can be charged is 0.001%.

Standard variable rate (SVR)

If our SVR applies to your mortgage, your interest rate is not directly linked to any external rates as it is set by us. You will be notified in writing of any changes to your SVR.

Fees & Charges

The main fees & charges applicable to our mortgages can be downloaded from the PDF document below. Please note that we are currently waiving all Early Repayment Charges (ERCs), until further notice.

Tariff of Charges